QRScanner

Personal Loan for UAE Nationals with Comprehensive Life Insurance Coverage

Personal Loan in UAE

T&C Apply

  • Hassle-free documentation
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

Get personal loan at Lowest Interest Rate

Search your City
  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

Situations like outstanding debts, piling up medical bills, or requirements of large purchases can make you fall short on funds and leave you vulnerable in terms of finances. This is where a personal loan for UAE nationals comes into the picture. By securing a personal loan for UAE nationals, you can settle your financial obligations without being forced to use your emergency funds. Some personal loans also come with a provision of comprehensive life insurance coverage. 

A personal loan for UAE nationals with comprehensive life insurance coverage financially secures the beneficiary in case of the insured’s unfortunate demise or permanent total disability, with this specific provision offering worldwide life coverage for the insured. 

This article will highlight the top personal loans for UAE nationals with comprehensive life insurance coverage and discuss the documents required, eligibility criteria, and more for each personal loan.

Top Banks Offering Personal Loan for UAE Nationals with Comprehensive Life Insurance Coverage

Mentioned below are the personal loans for UAE nationals with comprehensive life insurance coverage – 

Bank Name

Loan Name

Minimum Monthly Salary 

Flat Rate

Reducing Rate

First Abu Dhabi Bank

Personal Loan for UAE Nationals

AED 7,000

2.88%

5.45%

First Abu Dhabi Bank

Non-Salary Transfer Personal Loan for UAE Nationals

AED 15,000

5.43%

9.99%

Check loan eligibility and apply personal loan

1. First Abu Dhabi Bank – Personal Loan for UAE Nationals 

The First Abu Dhabi Bank (FAB) offers UAE nationals personal loans of up to AED 5 million. FAB personal loan for UAE nationals has a flexible repayment tenure of 48 months (and 60 months for personnel working in the Ministry of Defence). Moreover, this personal loan for UAE nationals comes with comprehensive personal life insurance coverage.

Keep in mind that you would have to fulfil the documentation requirements to make the application for this personal loan in UAE. The minimum monthly salary requirement for this plan is AED 7,000. 

Features and Benefits for FAB Personal Loan for UAE Nationals

  • Personal loan of up to AED 5 million
  • Flexible repayment tenure – 48 months and 60 months for personnel of the Ministry of Defence
  • Grace period of 150 days before the first repayment
  • Fast-track loan approval 
  • Comprehensive life insurance coverage
  • Minimum monthly income – AED 7,000
  • Interest Rate – Flat rate of 2.88% and reducing rate of 5.45%
  • Processing fee – 1.05% on the loan amount (minimum AED 525 and maximum AED 2,625)
  • Hassle-free documentation
  • Life insurance fee – If charged upfront: 1% - 1.5% of the approved loan amount; if charged monthly basis: 0.0169% - 0.0171% per month on the outstanding loan amount

Documents Required for FAB Personal Loan for UAE Nationals

  • A valid copy of Emirates ID
  • Bank statements of the last 3 months showing salary credits (in case the salary is not credited to the FAB account)
  • Salary transfer letter or salary certificate addressed to FAB
  • Clearance or liability letter (for buyout loans)
  • A filled-in application form

Eligibility Criteria for FAB Personal Loan

  • Minimum monthly salary – AED 7,000
  • Employed with a governmental or semi-governmental organisation
  • Minimum Age – 21 years
  • Completion of 6 months’ service 

Eligibility Criteria to Avail of the 5.45% Variable Rate 

  • The applicant must be working in a company mentioned in the list of organisations approved by FAB and have a salary transfer account with the bank
  • A high credit score must be possessed by the applicant

Apply personal loan with maximum benefits

2. FAB – Non-Salary Transfer Personal Loan for UAE Nationals

FAB Non Salary Transfer personal loan for UAE nationals offers a loan amount as high as AED 1 million and has a flexible repayment tenure. It is suitable for scenarios like purchasing new furniture, sponsoring your child’s higher education, and more. 

What makes this personal loan stand apart is that it does not require any salary transfer. Moreover, the loan is highly accessible as you neither have to work in an organisation mentioned in the bank’s approved companies list nor need a salary account. The minimum monthly income requirement for this loan is AED 15,000.

Features and Benefits for FAB Non Salary Transfer Personal Loan for UAE Nationals

  • Maximum loan amount – AED 1 million
  • Minimum monthly income – AED 15,000
  • Repayment tenure – 48 months and 60 months for personnel of the Ministry of Defence
  • Comprehensive life insurance coverage 
  • Interest Rate – Flat rate of 5.43% and reducing rate of 9.99%
  • No salary transfer required
  • Personal loan available even if you don’t work with FAB’s Approved List of Employers
  • Processing fee – 1.05% on the loan amount (minimum AED 525 and maximum AED 2,625)
  • Life insurance fee – If charged upfront: 1% - 1.5% of the approved loan amount; if charged monthly basis: 0.0169% - 0.0171% per month on the outstanding loan amount

Documents Required for FAB Non Salary Transfer Personal Loan

  • Original and copy of Emirates ID 
  • Bank statement for the last 6 months 
  • Salary certificate addressed to the bank
  • Filled up application form

Eligibility Criteria for FAB Non Salary Transfer Personal Loan for UAE Nationals

  • Minimum monthly income – AED 15,000
  • High credit score
  • At least 18 months of service with the present employer
  • Minimum age – 21 years

To Conclude

Several financial institutions in the UAE offer personal loans for UAE nationals with comprehensive life insurance coverage. Here, the comprehensive life insurance coverage financially secures the insured’s family if the former passes away untimely or has incurred a permanent total disability. However, to get this type of personal loan for UAE nationals, the applicant must meet the eligibility criteria stated by the banks.

You can look for a personal loan for UAE nationals with comprehensive life insurance coverage on Policybazaar UAE. This is a third-party aggregator (TPA) that offers the highest-rated loan options from the leading financial institutions in the UAE. When you secure a personal loan from Policybazaar UAE, you become eligible for attractive rebates and discounts on the interest rate payable and several other offers.

To know more about personal loans for UAE nationals with comprehensive life insurance coverage, go through the FAQ section below.

Personal Loan for UAE Nationals with Other Features
Personal Loan for UAE Nationals with Salary Transfer Personal Loan for UAE Nationals with No Salary Transfer Required
Personal Loan for UAE Nationals with Fast Track Approvals Personal Loan for UAE Nationals with Free Bank Account
Personal Loan for UAE Nationals with Insurance Personal Loan for UAE Nationals with Free Cheque Book
Personal Loan for UAE Nationals with Repayment  

Frequently Asked Questions

Is there any prepayment penalty on the personal loan in the UAE?

Although there is no penalty on early loan settlement, an early loan settlement fee that is approximately AED 10,000 or 1% to 3% of the outstanding loan amount (whichever is less) would be applicable for the same.

What all insurance benefits are included in the personal loan for UAE with comprehensive life insurance coverage?

Given below are the comprehensive life insurance coverage benefits –

  • Worldwide coverage
  • Death due to any cause
  • Permanent total disability (due to sickness or accident)
  • Passive war risk add-on
  • Disappearance clause (death by accident)

 

Is there any benefit of opting for a life insurance coverage scheme with a personal loan?

Most personal loans for UAE nationals have comprehensive life insurance coverage, with the insurance part reimbursing the borrower and saving them or their beneficiaries from making payments in conditions like terminal illness, permanent disability, or death. Some personal loans in the UAE also offer life insurance plans that repay the full borrowed amount to the insured’s family if the former passes away unexpectedly.

Do Shariah-compliant banking organisations provide personal loans for UAE nationals?

Shariah-compliant banks also provide personal loans for UAE nationals. Here, the banks charge a profit rate instead of an interest rate.

More From Personal Loans
Recents ArticlesPopular Articles